The Booming Business Of Flipper Zero
What started out being viewed as a toy became a viral social media sensation, and emerging security risk is also a booming business, one of the fastest-growing physical security companies today in IPVM tracking.
In this note, we examine the company behind Flipper Zero's (Flipper Devices) business model, growth rate, and how it fits within a pattern of disruptive innovation, including feedback from Flipper Zero's COO about the state of their business and their future plans.
Executive *******
**** ******** ******* *** ******* **** (on **** ** ** ***** ****** its ***** **** $** ******* **** year ** $** ******* **** ****), these *******, ******* ** ********** ****** control ***************, **** **** ** ** the ***** ** ******** ** ******, far ****** "********** *********** *****" ********* ********.
*** ******* **** **** ** ** not ******* ******* *******. ** ******** the ******* ** ******* *******, ** not *************, **********.
***********, **** ** ** ********** ******** because:
- ****** ******
- ******* ***********
- *** ******** *****
- ********* ********* ********
- ******* ******* *** ***** (*.*. ******, Uber, ***** *******, ***.)
- ******** ***** ****** **** ******* *********
** *** ******** ****, ** ** a ******** **** ******* ***** **** no ************ ********. ****, *** ******* use ** ** ***** ***** *** governmental ******** (***** ** **** ******* in * ******** ******** ******).
***** ******* ****'* ********** ********** ** not *****, ** ** *** ****** and **** ******** **** **********. *** absence ** *********** ************* ************* *** the **** ****-******** '*********,' ****** ******* with ***** ********** ********, **** *** Ring ********, ******, *** *******.
Background
*** *******, *** ****** ******* *******, originated **** ************ *********** *****-*** ***** *******, ****** ** *** ****** ** 2020. *** *******'* ******** ***** ** being ********** ** ** ****** ~$*.* million (********* $***,*** ** *** ***** 15 *****). **** ** **** ****** to *** ******* **** ** *** 51st ***** ***-**** *** ** ***,***+ campaigns** *** ***-**** **** ** *** amount ** *******.
******* **** ** * *****-******* **** tool ******** * ******* ** *************** in *** ***** ** *** *********** world. *** ************ *** ******** ****** control *** ******** *** **** **********, as ******* *** *******, ****, *****, and ****** ***-********* *** ****-********* ***********. It ***** *** ****** ****** *** researchers, *** *******, *** ** **** cases, *********. *** **** ******* ** Flipper, *** ************ ** ****** ******* ******** *****.
************* * ***** *********, *** *** ***** *** **** videos **** ******** ******* ***** ********** its *********. *** *******, * ***** below (*.* ******* *****) ***** *** Flipper ** **** ** **** ****** of *********** ****** ******* *****:
*** ******* ***** ***** ********* **** ****** ****** ******** ***** * *********** ***** ** searches *** ******* **** - ******* proof **** ******* ** * ******* trend:
500,000 **** *********, ** **% **** ********* ** *** ****
******* ******* **** **** **** *** "rough ******" ** ******* **** ** date ** ***,***, ***** ** ***,*** more (** **%) **** ** *** beginning ** *** ****. *********** **** as ** **** ****,*** ******* ******* * ***** ** 46,500 *****, **** ********** * *********** ******, as *** ******* ***** *****:
******* ********* **** ***** ******* ** the ******* ****** *** *******, ** 70% ** *** ***** *** **** in **** ******.
*** ******* ******** ** ******* *********** for ****, *** **** ** ***** were **** **** **** (* **** conservative **********), ****, ***** ***** ** over * ******* ** ***** ***** held ** *** ******. ********, ** the ****** **** ** ******** ***** to **** **** **** **** ************, they *** **** **** **** * million ******* *** ****.
Projects $**-*** ******* ** ***** ** ****
******* **** **** **** *** ******* "is ** ***** ** ***** ***** from $** ** $*** *******", ***** is ** ***** ~** **** **** did ** ****, ****** ******* $** ******* ** ***** to **********.
*** ******* **** **** ** ***** experiences *********** ** ***** (******** ** provide **** *******), ***** ***** ******* such * *** ***** **** **** ten ***** **** ** ****. ************, Flipper **** **** **** *** ******* solved "****" ** *** *** ********* last ****, ***** ***** **** **** another ******** *********** *** *** *******'* uncertainty ** *** *****.
*******, **** * $*** **** ***** and ***,*** ***** **** ** ****, this **** *** ******* ** $** million ** *****, ************* ***** **** its *********** ** $**-*** *******. ******* declined ** ******* ** ***** ************ but ********* **** ******* ** **** selling ***********:
** ***'* ******* ** ***** ********* as ****'** ***** ***********. *'* **** add **** ***** ***** **** *********** and ******* ******* **** **** * bunch ** *********** ** ******** ** Flipper ****
***** ***********, *******, *** ****** ** a ******** (** *** ***** ** tens ** *******) ** ******* ****'* cost.
Likely **********
**** ******** **** ******* ** ********** as ** *** ***** ********* ******* (IPVM ********* **** ** **%+), *** overhead ("****** ** *********", *** *** company), *** *** ********* ********.
Not *********** ******* *****
*******'* *** **** **** **** **** "have ***** ***** ******* ******* *** aren't *********** ** ** *** ******", which, **** ** ******** **********, ** unfortunate ******* ******* ***** ** ********** business, ** **:
- *** * **** ****** ****, **** $25 ******* ** **** (*** ***** after *** *******'* **********), **** ** $70-100
- **** *** **** ***** *********** ***********
- ****** *** ***** ******* *** ** profitable
- **** **** ** ******* (******* ** Kickstarter *****)
- ****** * ***** ***** ** ********* problems
- ******* ******* *** *****, ***** ***** little *********** *** **** ****** ** no ************ ******* *** ***** (**** and ****** *** ******** ** ********* illegal **********, **** ***** ** ** big *********)
- **** **** ******** ** ********* (** became * ***** ****** *********, *** an********** ******* *********** **** ******** ** *****
** *** ******** ****, *******, *** has ** ******** * *** ******:
- ******* ** *** * ************-***** ********
- ******* ** ** **** ** ***** for ****-**** ********** (*.*., *** ********, continued ***********, ***.)
- *********** *** ***** ** **** *** this ********* ******
- ******* ** ***** ************ **** *** limit *** ******
Improved **** **********, ******* ************* ************
***** ******* ****** ** *** ********, including******(***** ********) ******** ******(*******'* ******* ** *** *********), ********* **** ******* ***** **** technological ************, *** ************* ****** **** experience **** **** ** ****** *******, something **** **** ****** *** ****** agree ****.
***** ****** ********** ** "*** **** standard" **** *** ****** ******* ********,******** *, ***** ****** *********, * **, and *** * ***** ******** *****; Flipper ** * ******** ****** **** buttons, * ******* *** **** *** need * ** *** *** **********. This ** * *********** ***********, ** less *********** ***** ****** *** *** debug, ****, *** ******/***** ****** *******.
**** *** ****** '*********,' ******* ** similar ** **** ********, *******, ******, etc., ** ***** ******** ** ******** that *** *** *********** ***** ************* breakthroughs **** * **** ********** ***********.
Limited *********** **********
*** ** ******** ****** *** * number ** ***** ******* ******* (************ ** ****** ******* ******** *****), *** ***** ******* *** ************* meant *** ********* *** ***********, ***** makes **** *** **** ***** **** Flipper ***, ** *********, * ******* competitive ******.
********, *******'* *** **** **** **** they **** **** ** ***** ******* as "*******, *** *** ********* ****":
We *** ***** ******** ** *******, *** *** ********* ****. Listed products are often more powerful in some specific cases and technologies, but at the same time, they *** *** ** *********, *** *** **** ********** **** ***** ** **** *********** *** *** * ***** ******** *****. On the contrary, Flipper was designed as a universal tool, bringing the most common access control technologies in a single body and making the user experience as easy and intuitive as possible. This ***** ******* * ***** ****** *** ****-******* ****** *** ********* ** *** ************* ******, *** ****’* *** *** **** *** ***** **** ********. [emphasis added]
*******, **** *******'* ******* ** ******* sales, **** ****** *** ** ********** for ******** ***********, ***, ** ******* told ****, **** *** ******* ******** being ********:
We ******* *** **** *********** **** **** ******* ******** ********* *** ** *** ***** ** *** *** ******** *******. To compete, we are constantly working on improving Flipper Zero and bringing new features for people to play and learn with. In addition to that, a big part of Flipper is the large community that is constantly growing.
** *** [*** *****] *********** [***],there *** ****** ****-***** ******** ******** **** ****** ** ***** ******** ** ********* *** ** ***********. [emphasis added]
History ** ***** ************
***** ********* ******* ****, *** ******* has *********** * ****** ** ********, most ******* **** ** ****** *** Customs ******* *** ******, *******, ******* said **** ** ******** **** "*** the **** *** *********** ** *** regions **'* ****" *** ************ *** often *** ****** ** "****************, *********, clickbait ******* **** ***** ***********, ** just ****** *** ******** ******** ** different *********":
Flipper ******** **** *** *** **** *** *********** ** *** ******* **’* ****. We’ve got all the certifications and implemented all the necessary radio and security restrictions for the product to be safe for general use. So, the restrictions ** **** *** ***** * ****** ** ****************, *********, ********* ******* **** ***** ***********, ** **** ****** *** ******** ******** ** ********* *********. [emphasis added]
*** *******, ** ******* ****,** ******* ****** * ******** ** Flipper *****(*********** **** * *** ***** *****), *** ****** ****** ******* ** it ****** *** ****** ** ** a ****-******** ******, *** *******'* ***:
Amazon’s **** ** *** ** ********* **** ******* *********** * ****-******** ****** without providing any argumentation or evidence. And every representative we spoke to doesn’t know what card skimming is, so ***** ********-****** ******* ** * *** *******. [emphasis added]
*** ******* ********* ***** ************ ** educating ****** ** *******'* ************ *** "already **** * **** ********" *** has *** *** *** ****** **** customs ***** ******** '**, ** ******* told ****:
We ******* [***** ************] ** ********** *** **************, ********* ****** *** ************* ** *** *******’* **** ************, and constantly improving our communication processes and evidence of the product’s safety. We’ve ******* **** **** ******** *** ***’* *** *** ****** **** ******* ***** ******** ****, ******* ****-******* *******. [emphasis added]
**** ***** ** ******* * ******** port ** *** **** *** **** of ********* ******* **** ** *** following *****.
More ********, ******* **** ***********
******* **** **** **** ***** **** work ** ******** ******* ****'* ******** to ******* **** **** *** "******" APIs ** *** **** *****-***** *** development, *** ******* ** **** ******* on *** ********:
Now ** *** ******* ** ********* *** *.* ******* ** *** ********, which will bring improvement to all the stock apps, like adding new protocols support to NFC and SubGhz apps. Also, this will freeze the major changes to the APIs so that the community apps can stay up to date longer, and developers will get proper APIs and OS documentation.
We *** ******* ** *** ********, but we can’t share any specifics yet. [emphasis added]
*** ******* ******** ** ******* *** details ** ******** ********.
Team ****** ********
******* *** "****** ** *********" (******** l**** **** ~**), ** *** *** **** ****, and *** ******* ** ******** ** grow **-**% ** *** **** ** months **** ** ******** ** *** engineering, *********, *** ********* *****:
** *** ********** ******* *** ****,but ** ******* *** **** ******** *** **** ** * ********** *****, *******, *** ******** ***** ** ******, ** ** **** *** ****** **** ****** ************. I estimate that we **** **** ** **-**% ** *** **** ** ******. As per areas, we’ve always been a mostly engineering team. We plan to keep it this way, but we also plan to strengthen our education/technical content and marketing teams significantly. [emphasis added]
*******
******** ** ******* ******* *** ***** accessibility **** ****** *** ****** ******* industry's *******, ******* *** **** ** change ******** ******** *** ***** **** secure *********.
******* *****
** ********** **** ***'** ***** ** need ** ******* *** ******* **** at ***** * *** ******* ***** can ** *********.
**** ***** ** * ****** ***************. Wiegand ** *** ****** *** *** Flipper **** *** ****** **** ** be ****.
****, *** *** **** **** **** cards ****** ** **** *****.
*** *** *** ******* **** **** used ** **** ******* **************? *** Flipper *** ***** **** *** * haven't **** ** **** ** *******. PROX *** ******* *** ********** *********.
* ***** ****’* **** * *****. They *** ********* ******** ***** *** even ** ***** *******, ********* ** the ****** ****.
** ** * **** ************* *** test **** ***** ** *** **’* in **** ******.
*** **** **** **** **** *******? Other ********* ******* ***** *** ******** to *** ****** ******* *** ****** and ***** *** ***** *** *** credentials **** ****. * ****** *** do *** ** *** **** **** the ******* ** ***** ** *** a *** ** **** ** **** something **** *****.
*** *** *** ** *** ********* devices ** ***** ** * ******* and ** ***** ** * ********. Do *** ***** ** *** ***** 2 ******** ******** **** ** ******'* fit **** *******/*******? *** *** ****** a *** ** *** ****** ****** very ****** ** *** **** *** right ***** *** *******.
*******. ******** *** ******* *** ****** that ****** **** ** ** ****** at ******** ********** *** ******. **** are ***.
* ***'* ******** ***** ****** * security ******* ***** **** **** ***** technology ** ******. * ******** **** a ****** ******* *** **** *** actors **** ***** ********** *** *** it *** ******* ********. **** *** profess *** **** **** **** **** are ***** ****, *** **** *** just ************. **'* **** ******* **** to ******.
* ***** ***’** ************. *** ****** was ****** **** ** * *********** tester. ***’* **** *** ******, *** the ****** **** ****** *** *** your ********* ********** ** ******.
****, *****. **** ** *** ********* than ******* *********** *****, ********, ** other ******** *********** *** ******** *** entering. ********* ******* *****, *****-** ***** require ******. ** ******** *******, *** the ******* ** ***** ** **** it's "****" ** ******* ****** **** are ******** ******* "**, **** **** shouldn't **** **** ******** **** *** in *** ***** *****"??
* ******* ** **** *** *********** very **** ** ****** **** ****** and ****** **** **, *** *** good ******.
**** *** *** *** **** ******, only ** *** **** ******* *** are ********* ** **** *** *** limitations ** **** ******* *** *** to ******* ****.
** ** * ******* ****** *** just **** *** ****** ** *** be **** *** *** ******* ** abused. *** ******* ** *** *********** is ** **** ******** *** *** use **** *** ******* ** *** screwdrive **** ** ** **** ** a *****.
******* **** ** * ***** **** and ** ****** ** ***** ** not ******* ** *** ** ******* we *** ****** ** **. **** do *** **** *** **** **** work ******* ** ******* ****** *** get ****** ****. *** *** ***** to ** ***** **** *** ****** legally ******** *** ** **** **** client's ******* *** * ******* *** buy ** *** * ***** ****** site *** *** ** ** ******* your ******'* ********?
*** *** **** **** ****? * am ***. * **** ************* *** pentesting ** * ******* **** ** calling ** ** *** ********* *** directly *********** *** ****** ******. ** it ***** **, **** ** ** a ***** *******. ** ** ***** then * ***** ****** **** * client * ****** ***. ** ** about *********. ****** ******** *** **** clients. ***'* *** *** ***** ****** information **** **** ***** ***** ********** more ******. ** **** ***, ***.
* ******* ** **** *** *********** very **** ** ****** **** ****** and ****** **** **, *** *** good ******.
*******, ** *** ******** * ****** post **** ******** *** ********* ***** concerns **** ******* ****.
******* ******* ** **. ** ****** anybody *** ****** ******* *** *** the ****** ****** **** *** ***** have **** ******* ****** *** ******. However, ** ******* ** **** **** is * **** *** *** ***** can ** **** ** ******.
...** ***** *** ****** ** "******** and ******* ****** *** ****** ** the ****."
********* * ******** ******** ***** *** do *** **** ********** ** ******, or ********* ****** ** ***** *** same, ****** ***** **** ***** *********. It ** ********* ** ********.
** *** ***'* **** *** ****** permission ** ****** ***** ******** ** system, *** *** ***, *** *** violating ***** ****** ** *******, *******, property. ***'** *** ***** * ******** of *******, *** *** ********* ** others' ********.
***** **** *** ******* ** *** books ** ******* ******* ***** ** be ****. * **** ** ***** a ****. ****** *** **** ********** a **** *** * ***** ******* tools ***’* ****** ******, ****** **.
*** *** *** *** **** ** the ******* ***** ** ********* ******** technology?
** ***** *** **** *** ***** mindset. * ***’* ******* ** ******* because **** *** **** *** ********** the *********** ****** ** ****** **** decision. **** **** **** *** * special ******** ***** *** **** ***** buddy’s ******* **** ** *** **** approved ***.
**** ** ****** ** ******** *** companies *** ***** ****** ***** ** a **** ** ****** *******. ***’** shaming **** **** ****** ******* ******* else ***** ***** ***** ********* ** affected. **** ** ********* *** **** IPVM ***. * ******* *** ****** with **** *** **** **** ********* it. *******, **** ******* *** ****** with ******* ** ******* *** **** that *** ***** ******** ****** ******’* use ***** ******** ** **** ***** about ********** *** ********.
******* **** ***** ** ** ** the ********** ** ********* **** ** and ** *** ********.
*** ********** *** **** ** ********* job ******* *** ***, ******* *******, and *******. *** **** **** ***** when ** *** ***** *** ********** to *** ***** ****** ** *** lives?
** *** **** * ***** * cookie ** **** **** * ***** of ****.
***** *** **** ****** *** * have **** ********* **** *** ***** on ****** ******. **** *********** ** show *** * ****** ** ******** or *********** ** ****** *******.
*** **** ** **** *** "*******" is ** *** **** ** **** point. * ** ****** *** ******* disturbed **** *** **** ***** *** being ****. ***** **** ***** *** be ********** ** ***** "****" ***** systems, * ******* **** **** *** purchasing **** **** ***-******.
* ********** *** ***** ******** **** it ** ****** ** ****** *** public (*** *********) ** *** **** real ***** **** *** ****** **** older ********* *** ***********.
**** **** **** **** ****-***** *********** will ****** **** **** * *********** but ** ****** ******** ***********, ** does * ********* **** *** ******* to ***** * ****'* ****-***** ********** via ******** *******?
*’* *** **** **** *** **** by “****” *** **’* **** ********* on ********* **** ***** *** *****. Nothing ** “****” ****** ********* ***********. You *** ******* ** ********** *** FZ **** **’* **** **** **** specific ******* ** *********** ** ***-**-*** unit.
******** ********** *** *** ******** *********. Kali ***** *** **** ***** **** been ********* *** *******. **** ********* they *** ***** ** **** *****’* make **** ****. ***’** **** ******** informed ** **** *** **** ***** for *******.
*** ******* ** ** *** **** "hacking" ** *** **** ** **** it, *** **** ****** *** * long ****. ******* **** ******** ** all ** **** *** ********** ****** that *** **** ** ***. **** it *** *** ******, *** ************ expanded **** ******** ***-** *******.
*** ******* ** **** *** ******** technologies ** *** ****** ********** *** was *** **** ******. ***** *** and *** ***** ********* **** *** these ************ *** ******* * ****** for ***** ************? ************ **** **** existed....
* **** * ******* **** *** it ** ******** *** ****** **** 4 ********* ***** **'* **** * can ****** ******* * **** ***** on **** * **** ** ****. I ****** *** ** **** ** learn ** ** ***** ** ** the ****. **** *** **** ** can **, *** ***********, *** *********** of *** ****** ****-**-***, ** ********** checks *** *** *****.
**** ** *** * *** *** device, ***** **, *** ******** *** world ******. ***** ** * ***** learning ***** *** ******** ****** ** open **'* **** *********. * ******* mine ***** ** *** ******* *** many ****** ****** *** **** ***-********* of *** ******* *****. **** ** can *** ********* ***** *** ****** Flipper ******. ******** *** ****** * see * *** ** ****** ***** on ** ***********.
********* ** ****, * ********** **** no ***** ** **** *** ** device *** ******** *********. * ****** to ***** **** ***** **'* ********* and *** ****** ** *** ** our ********..... *** ***...
** *** ***** *** ** ******* and *** *********** *** ****, * see *** **** ** **** ****** ending **** *** *** ******* ****** wearing ***. ****, ** **** ** the **** ********** *** ******* **** purchase ****.
******* ****! **** ****** *** ******** that ** *** *** ** **** on * ** *** *** **** available *** **+ ***** ** **** affordable ********. **** ** **** ******** companies ******* **** ****** ******* ****'** portable. ******* ** **** * ****** packaged ***** ** ********, **** ** ALL!
* ***** ** ** ****** ** stir ** ********** ** ********* *** do *** ********** **** ** ** to ********** *** ** ******* ** as * ****.
** *****,
****** *** *** *******. ***** ******* is *** ************* ** *************, ** changes *** ****** ********** **** *** large ******** **** (**** ***,*** ***** sold). ** **** ******** ***** ****** control ******* ***** **** ***** *** same, ** *** ****, ************* **** Flipper (************ ** ****** ******* ******** *****).
**** *******'* ******* ***************, ********* ** blaster ** * ********* ******, ***-*** for ****** ********, *** ****/***, ** offers * ****-**-*** ******* ** * lower ****. ****, *** ******-**-*** ********* make *** ******** ***** *****, ***** appeals ** * ****** ********.
*** ***** ******** **** **** ************ app ********** ** ******* ** ** a ******** ** *** **** **** on ***** *********** (****** *** ****** *** ***** **** HID **** *** ******* ****).
** ****** *** ******* ** **** hacking **** ******, **** ***** ***** of ***** (**** ***** *** ********).
** ******* ****, ** *** ******* cell ****** **** *** ************* ******* people's ***-**-*** *****? ** ** **** to *** ******* ******* * **** phone ** *** **, ******* ***** are ***** *********. **** ** *** and ******** ******** ** ***** *** skyrocket *** ******** *** ****** ** these ******* ** ***** ****.
****** **** ************* ** ******** ****. Something *** **** *** ********* *** know.